Enrich product cost data

Close data gaps, Online cost data sources

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Written by Fabian Hassel
Updated over a week ago

Introduction

Makersite has established automatic enrichment of price and supplier information through standing integration with multiple 3rd party systems, such as Octopart, Pink slips, Alibaba, and more. If you don't have your own supplier data or transaction data, this enrichment tool can prove very useful. 

In this page, we will explain step-by-step how to automatically enrich supplier and price data. 

Prerequisites

The enrichment integration needs to determine the business sector of the product being enriched. For that reason, Product Category must be assigned to your product before you can proceed. You can do it in the Compose page of your product.

Overview

Add cost and supplier data to the Ink product groups used in the Ball Pen example. 

  1. Identify the data gap in your supply chain using the should cost app.

  2. Navigate o the product group “Ink” and the “product tab”

  3. Use the enrichment function in the composer by searching and selecting relevant products from the online supplier and material search. 

  4. QA the imported data

  5. Open the changed results

Step 1

Open the Ball Pen Product Group, open the app drop-down and select the 'Should Costs' app under the 'Business' heading. Select the 'Grid' view from the toolbar above the results.

Identify the product group without “Material cost” and / or without “should cost”

Step 2

Open the product data sheet for “Ink” in the compose view by clicking on the ink 

The dataset opens in the compose mode - now you can select the product tab

The product tab opens does not yet contain any/or incomplete data.

Step 3

Now select the enrich function for the collection for supplier and cost information from multiple online sources. Then select the products of interest and press enrich to automatically import the data into Makersite. 

Step 4

Once the data is imported check if all relevant information is available:

  • Normalization factor (scaling of the price in the relation to the reference unit of the product group, e.g. the online price relates tons, but the reference unit is kg the normalization factor needs to be set to 0.001)

  • Minimum price

  • Maximum price

Step 5

Should cost model for the “Ball pen” now takes the enriched price for the ink into account in the calculation

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